AbstractThis paper uses hedonic methods and variation in wages and housing costs to estimatehouseholds’ valuation of climate amenities. We find that, on the margin, households are willingto pay more to reduce heat than to reduce cold. Combining these estimates with “business asusual” climate forecasts for the United States, we find welfare losses in most areas by 2100 asthe cost of hotter summers exceeds the gain from warmer winters. These results account for tasteheterogeneity and sorting; moreover, they are not substantially attenuated by allowing formigration.

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